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Annual Report and Accounts 2009/10
National Grid Gas plc
Company number 2006000

Table of contents

  • Page 1
    Annual Report and Accounts 2009/10 National Grid Gas plc Company number 2006000

  • Page 2
    ... Grid Gas plc Annual Report and Accounts 2009/10 Contents 1 Operating and Financial Review 27 Directors' Report 28 Statement of Directors' responsibilities 29 Independent Auditors' report to the members of National Grid Gas plc Consolidated financial statements under IFRS 30 Accounting policies...

  • Page 3
    National Grid Gas plc Annual Report and Accounts 2009/10 1 Operating and Financial Review Operating and Financial Review contents 1 2 2 3 4 5 7 8 9 10 14 17 18 22 25 Principal operations Organisation and structure External market Regulatory environment Energy policy, regulatory and other ...

  • Page 4
    ... process of National Grid which is subject to the Combined Code on Corporate Governance. More information on the business activities, organisation, structure, management and governance of National Grid can be found in the National Grid Annual Report and Accounts 2009/10 and on the National Grid...

  • Page 5
    ... UK and European Union laws and regulations. Our gas transmission, distribution and metering businesses are regulated by the Office of Gas and Electricity Markets (Ofgem). Ofgem operates under the direction and governance of the Gas and Electricity Markets Authority (GEMA), and has established price...

  • Page 6
    4 National Grid Gas plc Annual Report and Accounts 2009/10 (equivalent to a 5.05% vanilla return), with a £0.9 billion baseline five year capital expenditure allowance and a £0.3 billion five year controllable operating expenditure allowance. We are also subject to a number of incentives that can...

  • Page 7
    ...on National Grid's approach to corporate responsibility and business ethics is included in the Corporate Governance section of the National Grid plc Annual Report and Accounts 2009/10. Price control The price controls for the UK gas transmission business were due to be reviewed during 2010 and 2011...

  • Page 8
    ... climate change issues. We are developing a strategy to measure and reduce our supply chain carbon emissions. Community involvement We continue to participate in National Grid's community involvement programmes, details of which can be found in the National Grid plc Annual Report and Accounts 2009...

  • Page 9
    National Grid Gas plc Annual Report and Accounts 2009/10 7 Vision, strategy and objectives As described under 'Organisation and structure' on page 2, National Grid's businesses are managed on the basis of global lines of business. As a subsidiary company of National Grid, therefore, NGG ...

  • Page 10
    8 National Grid Gas plc Annual Report and Accounts 2009/10 Responsibility National Grid's vision, strategy and objectives are underpinned by its commitment to corporate responsibility. National Grid will operate to the highest standards of corporate governance and conduct its business in an ethical...

  • Page 11
    ... Employee engagement index Employee engagement index calculated using responses to National Grid's annual employee survey Transmission business: 2009/10: 77% 2008/09: 82% Gas Distribution business: 2009/10: 68% 2008/09: 70% Positively shaping the energy and climate change agenda Greenhouse gas...

  • Page 12
    10 National Grid Gas plc Annual Report and Accounts 2009/10 Performance against objectives We use a number of detailed performance measures in addition to the key performance indicators shown on the previous page, reflecting the scale and complexity of our operations. We use qualitative assessments...

  • Page 13
    National Grid Gas plc Annual Report and Accounts 2009/10 11 employed by one of our contract partners. In 2009/10, there were 16 contractor lost time injuries compared to 20 in 2008/09 and a target of zero. When developing safety improvement programmes, we ensure that our contract partners are ...

  • Page 14
    ... supply sources, means that the gas transmission business will continue to see a significant increase in investment and network renewal. Capital investment in the replacement, reinforcement and extension of the Gas Transmission system in 2009/10 was £232 million, compared with £389 million in 2008...

  • Page 15
    National Grid Gas plc Annual Report and Accounts 2009/10 13 The vast majority of this relates to the long-term main replacement programme agreed with the Health and Safety Executive (HSE). The increase in other capital expenditure in 2009/10 compared with 2008/09 is driven by: the spend on the ...

  • Page 16
    ..., compared to 22.5% and 6.3% respectively at 31 March 2009. For further information on National Grid's employee engagement and Inclusion and diversity can be found in the National Grid plc Annual Report and Accounts 2009/10. The performance indicators that we monitor in this area include the number...

  • Page 17
    National Grid Gas plc Annual Report and Accounts 2009/10 15 on the basis that they are material, either by virtue of their nature or size, and are relevant to an understanding of our financial performance. Items of income or expense that are considered by management for designation as exceptional ...

  • Page 18
    ...National Grid Gas plc Annual Report and Accounts 2009/10 Reconciliation of adjusted earnings to earnings (profit for the year from continuing operations) Years ended 31 March 2010 Continuing operations £m 2009 £m Total operating profit is analysed by segment as follows: Years ended 31 March 2010...

  • Page 19
    National Grid Gas plc Annual Report and Accounts 2009/10 17 Financial remeasurements relate to net gains on derivative financial instruments of £33 million in 2009/10, compared with £6 million net losses in 2008/09. Taxation The net tax charge of £288 million in 2009/10 comprised a £322 million...

  • Page 20
    18 National Grid Gas plc Annual Report and Accounts 2009/10 2009/10 compared with 2008/09, while operating profit after exceptional items increased by £294 million. Gas Distribution Financial performance The results for the Gas Distribution segment for the years ended 31 March 2010 and 2009 were ...

  • Page 21
    ... payments. Our gas transmission and distribution operations are subject to multi-year price control agreements with our regulator, Ofgem. Financial position Balance sheet The balance sheet at 31 March 2010 can be summarised as follows: Assets £m Liabilities £m Net assets £m Property, plant...

  • Page 22
    ... certain National Grid subsidiary companies including paying dividends, lending cash or levy charges. Funding and liquidity management We maintain medium-term note and commercial paper programmes to facilitate long and short-term debt issuance into capital and money markets. At 31 March 2010, NGG...

  • Page 23
    National Grid Gas plc Annual Report and Accounts 2009/10 21 derivatives, although we expect this to be offset by higher inflation affecting our index-linked debt. More information on the interest rate profile of our debt is included in note 28 (a) to the consolidated financial statements. Foreign ...

  • Page 24
    22 National Grid Gas plc Annual Report and Accounts 2009/10 Details of material litigation as at 31 March 2010 Metering competition investigation On 25 February 2008, the Gas and Electricity Markets Authority (GEMA) announced it had decided we breached Chapter II of the Competition Act 1998 and ...

  • Page 25
    ... materially adversely affect our results of operations and our reputation. For further information about environmental, climate change and health and safety matters relating to our business, see the Our Responsibility section of National Grid plc's website at www.nationalgrid.com. Network failure or...

  • Page 26
    ... of operations. New or revised standards and interpretations may be issued which could have a significant impact on the financial results and financial position that we report. The effective rate of tax we pay may be influenced by a number of factors including changes in law and accounting standards...

  • Page 27
    National Grid Gas plc Annual Report and Accounts 2009/10 25 Accounting policies Basis of accounting The consolidated financial statements present the results of NGG for the years ended 31 March 2010 and 2009 and financial position as at 31 March 2010 and 2009. They have been prepared using the ...

  • Page 28
    26 National Grid Gas plc Annual Report and Accounts 2009/10 stated policy under which the company is charged for the costs of providing pensions. A change in these arrangements may lead to the company recognising the cost of providing pensions on a different basis, together with a proportion of the...

  • Page 29
    National Grid Gas plc Annual Report and Accounts 2009/10 27 Directors' Report for the year ended 31 March 2010 In accordance with the requirements of the Companies Act 2006 and UK Listing Authority's Listing, Disclosure and Transparency Rules, the following sections describe the matters that are ...

  • Page 30
    28 National Grid Gas plc Annual Report and Accounts 2009/10 Statement of Directors' responsibilities The Directors are responsible for preparing the Annual Report and Accounts, including the consolidated financial statements and the Company financial statements, in accordance with applicable law ...

  • Page 31
    National Grid Gas plc Annual Report and Accounts 2009/10 29 Independent Auditors' report to the Members of National Grid Gas plc We have audited the consolidated and Company financial statements (the ''financial statements'') of National Grid Gas plc for the year ended 31 March 2010 which comprise ...

  • Page 32
    30 National Grid Gas plc Annual Report and Accounts 2009/10 Accounting policies for the year ended 31 March 2010 A. Basis of preparation of consolidated financial statements under IFRS NGG's principal activities involve the transmission and distribution of gas and the provision of gas metering ...

  • Page 33
    National Grid Gas plc Annual Report and Accounts 2009/10 31 Property, plant and equipment include assets in which the Company's interest comprises legally protected statutory or contractual rights of use. Additions represent the purchase or construction of new assets, including capital expenditure ...

  • Page 34
    32 National Grid Gas plc Annual Report and Accounts 2009/10 become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax ...

  • Page 35
    National Grid Gas plc Annual Report and Accounts 2009/10 33 fair value of investments classified as available-for-sale are recognised directly in equity, until the investment is disposed of or is determined to be impaired. At this time, the cumulative gain or loss previously recognised in equity is...

  • Page 36
    34 National Grid Gas plc Annual Report and Accounts 2009/10 is discontinued, is amortised to the income statement using the effective interest rate method. If a hedged forecast transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the ...

  • Page 37
    ... earnings - note 4. The exemptions adopted on transition to IFRS on 1 April 2004. The recognition of defined benefit pension costs as if the National Grid UK Pension Scheme was a defined contribution scheme - accounting policy M. Hedge accounting - accounting policy P. Key sources of estimation...

  • Page 38
    36 National Grid Gas plc Annual Report and Accounts 2009/10 Adoption of new accounting standards New IFRS accounting standards and interpretations adopted in 2009/10 During the year ended 31 March 2010, NGG adopted the following International Financial Reporting Standards (IFRS), International ...

  • Page 39
    National Grid Gas plc Annual Report and Accounts 2009/10 37 New IFRS accounting standards and interpretations not yet adopted The following standards and interpretations were not effective for the year ended 31 March 2010. None of these are expected to have a material impact on NGG's consolidated ...

  • Page 40
    38 National Grid Gas plc Annual Report and Accounts 2009/10 Consolidated income statement for the years ended 31 March 2010 2010 £m 2009 £m 2009 £m Notes £m Revenue Other operating income Operating costs Operating profit Before exceptional items Exceptional items Total operating profit ...

  • Page 41
    National Grid Gas plc Annual Report and Accounts 2009/10 39 Consolidated statement of comprehensive income for the years ended 31 March 2010 2009 £m Notes £m Profit for the year Other comprehensive income: Net (loss)/gain taken to equity in respect of cash flow hedges Transferred to profit ...

  • Page 42
    40 National Grid Gas plc Annual Report and Accounts 2009/10 Consolidated balance sheet at 31 March 2010 2009 £m Notes £m Non-current assets Intangible assets Property, plant and equipment Other non-current assets Derivative financial assets Total non-current assets Current assets Inventories...

  • Page 43
    National Grid Gas plc Annual Report and Accounts 2009/10 41 Consolidated statement of changes in equity Called up share capital £m Share premium account £m Cash flow hedge reserve £m Other reserves £m earnings £m Total Retained shareholders' equity £m Minority interest £m Total equity £m ...

  • Page 44
    42 National Grid Gas plc Annual Report and Accounts 2009/10 Consolidated cash flow statement for the years ended 31 March 2010 2009 £m Notes £m Cash flows from operating activities Total operating profit Adjustments for: Exceptional items Depreciation and amortisation Profit on disposal of ...

  • Page 45
    National Grid Gas plc Annual Report and Accounts 2009/10 43 Notes to the consolidated financial statements analysis of items in the primary statements 1. Segmental analysis The Board of Directors is NGG's chief operating decision making body (as defined by IFRS 8). The segmental analysis is based ...

  • Page 46
    44 National Grid Gas plc Annual Report and Accounts 2009/10 1. Segmental analysis continued c) Capital expenditure and depreciation Depreciation Capital expenditure 2010 £m 2009 £m and amortisation 2010 £m 2009 £m Operating segments - continuing operations Gas Transmission Gas Distribution Gas...

  • Page 47
    ... of gas. (c) Key management compensation 2010 £m 2009 £m Salaries and short-term employee benefits Post-employment benefits Share-based payments 3 2 2 7 3 1 1 5 Key management comprises the Board of Directors of the Company together with those Executive Directors of National Grid plc who...

  • Page 48
    ...Gas plc Annual Report and Accounts 2009/10 3. Operating costs continued (d) Directors' emoluments The aggregate amount of emoluments paid to Directors in respect of qualifying services for 2010 was £1,476,935 (2009: £1,355,133). There were no payments in respect of compensation for loss of office...

  • Page 49
    National Grid Gas plc Annual Report and Accounts 2009/10 47 4. Exceptional items and remeasurements 2010 £m 2009 £m Exceptional items - restructuring costs (i) Exceptional items - environmental related provisions (ii) Exceptional items - other (iii) Pension deficit charges (iv) Total exceptional...

  • Page 50
    ... National Grid Gas plc Annual Report and Accounts 2009/10 5. Pensions Substantially all of NGG's employees are members of the defined benefit section of the National Grid UK Pension Scheme. There is no contractual arrangement or stated policy for charging the net defined benefit cost of the scheme...

  • Page 51
    National Grid Gas plc Annual Report and Accounts 2009/10 49 6. Finance income and costs 2010 £m 2009* £m Interest income on financial instruments (i) Interest income and similar income Interest expense on financial liabilities held at amortised cost: Interest on bank loans and overdrafts ...

  • Page 52
    ... National Grid Gas plc Annual Report and Accounts 2009/10 7. Taxation Taxation on items charged/(credited) to the income statement The tax charge for the year can be analysed as follows: Before exceptional items and remeasurements 2010 £m 2009 £m Exceptional items and remeasurements 2010 £m 2009...

  • Page 53
    National Grid Gas plc Annual Report and Accounts 2009/10 51 7. Taxation continued Factors that may affect future tax charges A number of changes to the UK Corporation Tax system were announced in the 2010 Budget Report which have been enacted in the 2010 Finance Act. The impact of these is not ...

  • Page 54
    52 National Grid Gas plc Annual Report and Accounts 2009/10 10. Property, plant and equipment Assets in the Land and buildings £m Plant and £m course of £m machinery construction Motor vehicles and office equipment £m Total £m Cost at 1 April 2008 Additions Disposals Reclassifications Cost at...

  • Page 55
    National Grid Gas plc Annual Report and Accounts 2009/10 53 12. Derivative financial instruments For further information and a detailed description of our derivative financial instruments and hedge type designations, refer to note 27. The fair value by designated hedge type can be analysed as ...

  • Page 56
    ... National Grid Gas plc Annual Report and Accounts 2009/10 13. Inventories and other intangible assets 2010 £m 2009 £m Raw materials and consumables Other intangible assets 28 15 43 29 5 34 Other intangible assets consists of emission allowances. 14. Trade and other receivables 2010 £m 2009...

  • Page 57
    National Grid Gas plc Annual Report and Accounts 2009/10 55 15. Financial investments 2010 £m 2009 £m Current Available-for-sale investments - investments in short term money funds Loans and receivables - amounts due from fellow subsidiaries 307 19 326 990 19 1,009 Available-for-sale ...

  • Page 58
    56 National Grid Gas plc Annual Report and Accounts 2009/10 17. Borrowings The following table analyses borrowings, including bank overdrafts: 2010 £m 2009 £m Current Bank loans Bonds Other loans Borrowings from fellow subsidiaries Bank overdrafts (note 16) 243 115 2 74 15 449 275 895 2 239 10...

  • Page 59
    National Grid Gas plc Annual Report and Accounts 2009/10 57 19. Other non-current liabilities 2010 £m 2009 £m Trade payables Other payables Deferred income 4 1,100 1,104 18 1,089 1,107 The fair value of trade and other payables approximates to their book value. All other non current ...

  • Page 60
    ... that affect the calculation of the provision for gas site decontamination, including the impact of regulation, the accuracy of the site surveys, unexpected contaminants, transportation costs, the impact of alternative technologies and changes in the discount rate. We have made our best estimate...

  • Page 61
    National Grid Gas plc Annual Report and Accounts 2009/10 59 22. Share capital Number of shares 2010 millions Number of shares 2009 millions 2010 £m 2009 £m At 31 March 2009 and 2010 - ordinary shares of 1 /15p each Allotted, called up and fully paid 2 3,944 3,944 45 45 23. Consolidated ...

  • Page 62
    ... and claims We reported in previous Annual Reports and Accounts a decision by the Gas and Electricity Markets Authority (GEMA) to fine National Grid £41.6m for a breach of the UK Competition Act 1998 in respect of term contracts with gas suppliers entered into by our metering services business in...

  • Page 63
    ... of National Grid and a pension plan, in the normal course of business and are summarised below. Parent 2010 £m 2009 £m Other related parties 2010 £m 2009 £m Total 2010 £m 2009 £m Income: Goods and services supplied Expenditure: Services received Corporate services received Charges in...

  • Page 64
    62 National Grid Gas plc Annual Report and Accounts 2009/10 26. Actuarial information on pensions The National Grid UK Pension Scheme is funded with assets held in a separate trustee administered fund. The scheme is subject to independent actuarial valuation at least every three years, on the basis...

  • Page 65
    National Grid Gas plc Annual Report and Accounts 2009/10 63 27. Supplementary information on derivative financial instruments Derivatives are financial instruments that derive their value from the price of an underlying item such as interest rates, foreign exchange, credit spreads, or other indices...

  • Page 66
    64 National Grid Gas plc Annual Report and Accounts 2009/10 28. Financial risk Our activities expose us to a variety of financial risks: market risk (including foreign exchange risk; fair value interest rate risk and cash flow interest rate risk), credit risk and liquidity risk. The overall risk ...

  • Page 67
    National Grid Gas plc Annual Report and Accounts 2009/10 65 28. Financial risk continued (a) Market risk continued (ii) Cash flow and fair value interest rate risk Interest rate risk arises on NGG's borrowings. Borrowings issued at variable rates expose NGG to cash flow interest rate risk. ...

  • Page 68
    66 National Grid Gas plc Annual Report and Accounts 2009/10 28. Financial risk continued (b) Fair value disclosures The following is an analysis of our financial instruments measured at fair value. They are reported in a tiered hierarchy based on the valuation methodology described on page 21, and ...

  • Page 69
    ... related credit risk Counterparty risk arises from the investment of surplus funds and from the use of derivative instruments. Our limits are managed by the central treasury department of National Grid plc, as explained in our treasury policy on page 21. As at 31 March 2010 and 2009, we had a number...

  • Page 70
    68 National Grid Gas plc Annual Report and Accounts 2009/10 28. Financial risk continued (e) Sensitivity analysis Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. The following analysis illustrates the sensitivity to changes in market ...

  • Page 71
    National Grid Gas plc Annual Report and Accounts 2009/10 69 29. Share options and reward plans National Grid operates three principal forms of share option and award plans in which our employees and Directors participate. These are an employee Sharesave scheme, a Performance Share Plan (PSP) and ...

  • Page 72
    70 National Grid Gas plc Annual Report and Accounts 2009/10 29. Share options and reward plans continued Share options Movements in options to subscribe for ordinary shares under National Grid's various option schemes for the two years ended 31 March 2010 and 31 March 2009 is shown below: Sharesave...

  • Page 73
    National Grid Gas plc Annual Report and Accounts 2009/10 71 29. Share options and reward plans continued Share-based payment charges The charge to the income statement for the year ended 31 March 2010 was £8m (2009: £6m). Awards under share option plans The average share prices at the date of ...

  • Page 74
    ... Grid Gas plc Annual Report and Accounts 2009/10 30. Ultimate parent company National Grid Gas plc's immediate parent Company is National Grid Gas Holdings Limited. The ultimate parent Company and controlling party is National Grid plc. Both of these companies are incorporated in Great Britain...

  • Page 75
    National Grid Gas plc Annual Report and Accounts 2009/10 73 Company accounting policies for the year ended 31 March 2010 A. Basis of preparation of individual financial statements under UK GAAP These individual financial statements of the Company have been prepared in accordance with applicable UK...

  • Page 76
    .... Deferred tax assets and liabilities are not discounted. K. Pensions The substantial majority of the Company's employees are members of the defined benefit section of the National Grid UK Pension Scheme. There is no contractual arrangement or stated policy for charging the net defined benefit cost...

  • Page 77
    National Grid Gas plc Annual Report and Accounts 2009/10 75 transactions are with the same counterparty, a legal right of setoff exists and the cash flows are intended to be settled on a net basis. Gains and losses arising from changes in fair value are included in the profit and loss account in ...

  • Page 78
    ... for liabilities and charges Net assets employed Capital and reserves Called up share capital Share premium account Cash flow hedge reserve Other reserves Profit and loss account Total shareholders' funds Commitments and contingencies are shown in note 17 to the Company financial statements. 14 15...

  • Page 79
    National Grid Gas plc Annual Report and Accounts 2009/10 77 Notes to the Company financial statements 1. Adoption of new accounting standards New financial reporting standards (FRS) and abstracts adopted in 2009/10 During the year the Company has adopted the following FRSs and abstracts. None of ...

  • Page 80
    78 National Grid Gas plc Annual Report and Accounts 2009/10 4. Directors' emoluments Details of Directors' emoluments are provided in note 3(d) to the consolidated financial statements. 5. Pensions Substantially all the Company's employees are members of the defined benefit section of the National...

  • Page 81
    National Grid Gas plc Annual Report and Accounts 2009/10 79 9. Debtors 2010 £m 2009 £m Amounts falling due within one year: Trade debtors Amounts owed by fellow subsidiary undertakings Corporation tax Other debtors Prepayments and accrued income 58 24 10 5 200 297 44 183 4 218 449 6 5,611 5,...

  • Page 82
    80 National Grid Gas plc Annual Report and Accounts 2009/10 11. Creditors (amounts falling due within one year) 2010 £m 2009 £m Derivative financial instruments (note 10) Borrowings (note 13) Trade creditors Amounts owed to Group undertakings Amounts owed to fellow subsidiary undertakings ...

  • Page 83
    National Grid Gas plc Annual Report and Accounts 2009/10 81 14. Provisions for liabilities and charges Deferred Environmental £m Emissions Restructuring £m £m taxation £m Other £m Total £m At 1 April 2009 Charged to profit and loss account Transferred to reserves Utilised Released Unwinding ...

  • Page 84
    82 National Grid Gas plc Annual Report and Accounts 2009/10 15. Called up share capital Number of shares 2010 millions Number of shares 2009 millions 2010 £m 2009 £m At 31 March 2009 and 2010 - ordinary shares of 1 2/15p each Allotted, called up and fully paid National Grid Gas plc is a wholly ...

  • Page 85
    National Grid Gas plc Annual Report and Accounts 2009/10 83 17. Commitments and contingencies a) Future capital expenditure As at 31 March 2010, the Company had placed contracts for capital expenditure (tangible fixed assets) amounting to £532m (2009: £480m). b) Lease commitments At 31 March 2010...

  • Page 86
    ... to National Grid Gas plc itself or to National Grid Gas plc and its subsidiaries collectively, depending on context. bcm Billion cubic metres FRS UK Financial Reporting Standard GAAP Generally accepted accounting principles GW Gigawatt, 109 watts GWh Gigawatt hours HSE Health and Safety Executive...

  • Page 87
    National Grid Gas plc 1-3 Strand, London WC2N 5EH, United Kingdom Registered in England and Wales Company number 2006000